Twitter CEO Parag Agrawal acknowledged the chance that Elon Musk’s deal to buy the corporate might fall by means of in a series of tweets this afternoon that sought to clarify why he’s shaking up Twitter’s leadership. Agrawal stated that he’s nonetheless “accountable for leading and operating” Twitter for the time being and that his current modifications are meant to “build a stronger Twitter” and assist handle prices.
“While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter,” Agrawal stated.
His remarks come after Musk tweeted this morning that his $44 billion purchase of Twitter is “temporarily on hold” over considerations about spam and pretend accounts. While it’s solely unclear whether or not Musk can truly pause the deal — Matt Levine at Bloomberg says placing a deal on maintain “is not a thing” — the remarks had been nonetheless sufficient to send Twitter’s stock plummeting round 10 p.c immediately, scaring off traders over the priority that the settlement might fall by means of.
While I anticipate the deal to shut, we need to be prepared for all eventualities and at all times do what’s proper for Twitter. I’m accountable for main and working Twitter, and our job is to construct a stronger Twitter day by day.
— Parag Agrawal (@paraga) May 13, 2022
Agrawal now has two sizable issues: Musk, who’s threatening to pull out of the deal, and his personal firm, which has now been shaken each by the chaotic acquisition deal and Agrawal’s newly introduced hiring freeze and dismissal of two prime product leaders.
On Thursday, Agrawal introduced the departures of Kayvon Beykpour and Bruce Falck, who led Twitter’s shopper and income merchandise, respectively. He additionally introduced that the corporate was “pausing most hiring and backfills” and making an attempt to cut back prices elsewhere.
“I won’t use the deal as an excuse to avoid making important decisions for the health of the company, nor will any leader at Twitter,” Agrawal wrote immediately. He stated to “expect more change for the better” whereas he stays CEO.
In a followup to his “temporarily on hold” tweet Friday morning, Musk famous that he was “still committed to acquisition.” On Friday night, Twitter chairman Bret Taylor stated in a quote tweet that “we are too. We remain committed to our agreement.”
Update May thirteenth, 8:10PM ET: Added tweet from Bret Taylor.